VAT

Value added tax (VAT) is difficult to fully grasp, even if you’re a tax professional, which is why many accounting firms specially recruit VAT experts. The tax puts huge burdens onto businesses that are effectively obliged to collect tax on the sale of goods on behalf of the Government. One mistake can cost them a substantial amount of cash.

With Benham & Williams, you can get back to business in the knowledge our VAT specialists are handling your affairs. As accountants for VAT, we can do your tax returns and get you onto the right VAT scheme with HMRC to potentially save you some cash down the line. The tax is so complex that it isn’t uncommon for HMRC to start asking questions about your accounts if something seems amiss. We prevent this with good, solid accounting practices.

Businesses must register for VAT if they have a turnover of £85,000 or more. After this, they must charge the tax on the products or services they sell and pay the money back to HMRC in their VAT return, which means they essentially collect the tax for the Treasury. If you need help registering your business for VAT, don’t hesitate to get in contact with us.